Indian Auto Component Sector Exports To Reach $100 Billion By 2030

Union Minister of Commerce & Industry, Shri Piyush Goyal, has expressed unwavering confidence in the Indian auto component sector’s ability to achieve a staggering $100 billion export target by 2030. This ambitious goal positions the sector as a key driver of job creation in the country. The Minister made this statement during the 64th Annual Session of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi.

As India steadily ascends to become the world’s third-largest economy, Goyal emphasised the imperative for the auto sector to mirror this growth by claiming the top spot globally. He urged industry leaders to develop a strategic roadmap to achieve this ambitious target, emphasising a combination of organic growth, global outreach, and technological advancements.

The Minister encouraged industry members to prioritise research and development (R&D), leveraging the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund to foster public-private academia partnerships within the auto sector. He also highlighted India’s attractiveness to foreign investment, particularly from EFTA countries, and urged the industry to seize opportunities in emerging technologies like electric vehicles (EVs) and the related ecosystem.

Goyal invited industry players to capitalise on the government’s recent initiative of industrial smart cities to drive their development and export promotion. He emphasised the potential for indigenous suppliers and manufacturers to become global leaders in auto component exports, citing India’s vast domestic market as a significant advantage for achieving economies of scale.

The Union Minister reiterated the government’s commitment to transforming India into a “Viksit Bharat” by 2047. He commended ACMA for its theme of “Viksit Bharat,” which aligns with the spirit of self-reliance and global competitiveness that defines the new India. Goyal emphasised the positive impact of the government’s “Atmanirbhar Bharat” (self-reliant India) initiative on the industry, urging stakeholders to educate customers, particularly commercial vehicle owners, about the value proposition of OEM products in terms of quality, cost-effectiveness, and longevity.

Goyal acknowledged ACMA’s proactive role in Free Trade Agreement (FTA) negotiations and praised the organisation for hosting world-class mega-exhibitions like Bharat Mobility. He highlighted the upcoming Bharat Mobility 2025 as a significant platform for showcasing India’s auto sector to the world.

Union Minister of State for Commerce & Industry, Shri Jitin Prasada, also attended the event and encouraged the auto component sector to promote exports. He emphasised the sector’s symbiotic relationship with the growing Indian auto market and urged participants to contribute to job creation. Prasada noted that their efforts would complement the government’s focus on skilling and technology-driven policies.

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